英国的研发支出对于会计选择的影响因素和价值相关性外文翻译.docVIP

外文翻译 The Determinants and Value Relevance of the Choice of Accounting for Research and Development Expenditures in the United Kingdom Material Source: London Business School Author: Dennis R. Oswald Abstract This paper investigates the determinants and value relevance implications of the accounting method choice for development expenditures for firms with research and development (RD) programs in the United Kingdom (UK). Using a sample of 1,780 UK firm-year observations over 1993-1997, of which I classify 231 (1,549) firm year observations as Capitalizers (Expensers), I find that the decision to expense versus capitalize is influenced by firm size, the intensity of the firms RD programs, and whether the firm is in a steady-state with respect to its RD programs. Results of value relevance tests indicate that Expensers have little to gain, if anything, in terms of value relevance from adjusting their reported earnings and book value of equity to reflect as-if capitalized　numbers. For the Capitalizers, the value relevance of as-if-expensed earnings and book value of equity is not substantially lower than the value relevance of their reported earnings and book value of equity Additional analysis indicates that the steady-state status and RD intensity of a firms RD programs may marginally influence the value relevance of their financial information. These results are in contrast to those in US studies that find that capitalization of RD expenditures greatly enhances the value relevance of firms financial statements. Key Words: Research and Development, Accounting choice, Value relevance Introduction This paper investigates the determinants and value relevance implications of the accounting method choice for development expenditures for firms with research and development (RD) programs in the United Kingdom (UK). Under UK GAAP certain development expenditures may be either capitalized or expensed, with the choice left to the discretion of management. Using the repo